One of history’s most important lessons is that politicians should never be given a free hand to borrow money to cover the costs of wars, overseas adventures, or military spending.
More empires have been brought down by reckless spending than by invaders. The late Soviet Union, which wrecked its economy by buying too many tanks, is the most recent example. Now, the United States appears headed in the same direction.
Even so, President Barack Obama calls the US $3.8 trillion budget he just sent to Congress a major step in restoring America’s economic health.
In fact, it’s another potent fix given to a sick patient deeply addicted to the dangerous drug of debt.